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Fannie And Freddie Paid To Oversee TARP

From The Hill:

Report: Fannie, Freddie paid to help run TARP

By Silla Brush – 10/14/10

The Treasury Department has paid $437 million to Fannie Mae, Freddie Mac and private contractors to help run the Wall Street bailout program, a congressional oversight panel said in a report Thursday.

The Congressional Oversight Panel said some of the 96 private contracts for the $700 billion bailout, known officially as the Troubled Asset Relief Program (TARP), raise "significant concerns" and potential conflicts of interest that limit the public’s understanding of the program…

Fannie and Freddie have received about $240 million, or more than half of the money paid to outside contractors to help administer TARP, according to the report

Obviously these two ‘private’ companies that have squandered and who continue to squander untold billions of dollars of taxpayers money are the perfect candidates to oversee ‘trouble assets.’

Fannie currently employs 600 people working on TARP, compared with Treasury’s 220 employees working on the program, according to the report

Whatever happened to physicians healing themselves?

[W]hich said the companies "have a history of profound corporate mismanagement."

No kidding. Though, of course, you would get a spittle-flecked argument from Barney Frank and Maxine Waters.

Mark Paustenbach, Treasury Department spokesman, defended the department’s use of private contractors.

"In late 2008, Treasury had to stand up a major new initiative that helped stabilize the financial markets and began the process of economic recovery," Paustenbach said in a statement. "Treasury’s demand for skills, resources and expertise was urgent and we quickly needed qualified assistance…"

Yes, who can doubt that the folks at Fannie and Freddie are highly qualified? In fact they are past masters at buying off Democrats on the various committees that are supposed to oversee them.

Surely TARP would benefit from such expertise.

"At the same time, our contracting process remains open and transparent.”

Which is why we are only hearing about this now.

This article was posted by Steve on Thursday, October 14th, 2010. Comments are currently closed.

3 Responses to “Fannie And Freddie Paid To Oversee TARP”

  1. proreason says:

    Surely the world’s most successful Affirmative Action CEO, Franklin Raines, was pulling the strings behind the scenes.

  2. Right of the People says:

    Nice to see the fox guarding the hen house.

  3. Liberals Demise says:

    Kinda like Barney Fwank having the executive key to the Boys’ locker room.

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